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Donni Corporation purchased a new truck on January 1, 2018. The truck cost $80,000, has...

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Accounting

Donni Corporation purchased a new truck on January 1, 2018. The truck cost $80,000, has a five-year life, and a $18,000 residual value. The company has a December 31 year-end and uses the double-declining balance method for depreciation. If the company sold the truck for $18,280 at 12/31/2020 how much was the gain or loss on the sale?

Double declining formula: (2 * Net Book Value)/Useful life

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